BUSINESSFORTUNE
The $124 trillion Great Wealth Transfer is fully underway—but nonprofits are ‘paralyzed’ by how to chase millennials’ newfound wealth
The $124 trillion Great Wealth Transfer has begun, creating a challenge for nonprofit organizations whose deep donor relationships were built with wealthy baby boomers. Nonprofits must now find ways to engage Millennials and Gen Z, who show interest in philanthropic giving when it provides a sense of belonging and community.
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- Great disappointment will follow the Great Wealth Transfer as baby boomers pass on just a fraction of their fortune to millennials and Gen Xers
- Even as Elon Musk calls philanthropy ‘very hard,’ every day Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
- The great wealth lie: Millennials are richer than you or they think
- The $124 trillion Great Wealth Transfer is more than just cash: More U.S. businesses are now being inherited than bought, BofA finds
- Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster